April Sarasota Real Estate Report

The latest Sarasota Real Estate Report showed 719 properties sold for just over $702 Million during April in the North Port, Sarasota, and Bradenton areas.

The luxury market was strong, as evidenced by the 109 properties which sold at $1 Million and above. The highest-priced sale was for a single-family home in Longboat Key’s Country Club Shores for $6,995,000.

Overall, inventory ended the month at 2,936 properties for sale, which is up from 1,167 listings during the same time last year. However, unlike the prior month, inventory decreased by 50 properties from March to April. If you are a Buyer it means you have fewer options when it comes to re-sale properties. If you are a Seller, the good news is you are still in the driver’s seat.

Overall demand remains strong for Sarasota real estate. In a recent study by Bankrate, Sarasota’s housing market was ranked the 4th hottest metro area in the country. Punta Gorda and the Tampa-St. Pete areas were also among the top 10. Factors considered were home appreciation, one-year job growth, population growth, active listings, days on the market, and unemployment rate.

Additionally, U.S. News & World Report recently released their annual Best Cities to Live Report and Sarasota was ranked 5th in the nation.

Whether you are buying or selling a home, it is important to remember real estate trends are local. Most importantly, according to Chief Economist Ali Wolf, “There is no national housing market,” she continues. “Every single city and every single street across the country has its own unique housing market.” What is happening in resort destinations such as Sarasota continues to be different from other areas of the country. If you have questions about a specific area or neighborhood, contact us for more information.

Sarasota Real Estate Report – Single-Family Homes

April 2023 versus April 2022 Single Family Home Highlights:

• Closed sales decreased 5.7 percent going from 792 transactions down to 747 sales.
• Pending sales fell from 878 last April compared to 768 this April.
• Inventory increased 118.7 percent up to 1,824 homes for sale compared to this same time last year when 834 homes were for sale.
• New listings decreased from 1,104 down to 845 which was a 23.5 percent decline.
• Median days on market increased to 21 days which was a 250 percent increase versus April of 2022.
• Available inventory of single-family homes ended April with a 2.9 months’ supply of homes available for sale which was up from less than one month’s supply during April of 2022.

Although inventory rose year-over-year, it fell compared to March. The median sales price for single family homes increased 7.7 percent increase over the same time last year up to $520,000. However, the median price fell slightly from March when it was $528,013.

Additionally, days on market remained low at just 21 days from the day a property was listed until it went under contract. Unlike the prior month, the days on market fell from 25 days to contract in March down to 21 days in April.

Bottom line: It remains a Seller’s market for Sarasota single-family homes.

So, if you are thinking about selling your property in the Sarasota area, call, email, or text us today – at 239.370.0892 for a complimentary market analysis.

On the other hand, since real estate is truly local, it could vary from neighborhood to neighborhood. Some neighborhoods have plenty of inventory and there are multiple options to choose from.  Whether you are just beginning your search or you want to stay up to date on the latest trends in a particular neighborhood, now may be a good time to start watching for properties that meet your criteria. New listings are hitting the market every day, so if you want to stay up to date we can help you with automatic property alerts.

Or, if you’re not sure which community is right for you, contact us and we’ll help you identify the communities which will match the lifestyle you are seeking.

Sarasota Real Estate Report – Condos and Townhomes

April 2023 versus April 2022 Condo Highlights:

• Condo sales decreased 22.9 percent going from 497 real estate transactions down to 383 sales.
• Pending sales increased 6.9 percent up from 423 last April to 452 this April.
• Inventory increased 233.9 percent up to 1,112 condos for sale compared to last April when there were only 333 units for sale.
• New listings increased from 504 up to 536, a 6.9 percent increase.
• Median days to contract was 22 days which was up from 5 days last year.
• Available inventory of condos ended April with a 3.5 months’ supply of properties available for sale which was a 337.5 percent increase.

While inventory increased significantly over last year, there was only a slight increase between March and April with just 37 additional properties available for sale. So while condo inventory is moving in the right direction, we’re still well below historical norms.

Unlike the prior month, days to contract increased to 22 days up from 19 days in March and up from just 5 days during April of 2022. Finally, cash sales remained high at 62 percent of all condo sales. The good news is it wasn’t quit as high as the previous month when it was 66 percent of all condo sales. With low inventory, low days on market, and high buyer demand as evidenced by the number of cash transactions, the condo market remains a strong Seller’s market.

Bottom Line

It remains a Seller’s market for BOTH condos and single-family homes. You still have time to cash in on the high buyer demand. What is my home worth…

With low inventory of existing homes for sale, there’s been a notable increase in buyers turning toward new construction. From ultra-luxury waterfront condos at The Ritz-Carlton Residences at Sarasota Bay to bundled golf communities such as Esplanade at Azario, there are a wide array of options available.  Should I use a Realtor if I’m buying New Construction?

Whether you are buying or selling we have real estate specialists who cover the Gulf Coast from Sarasota to Naples, so if you are considering moving to the area, contact us for more information.

Sarasota Real Estate Market Reports

April 2023 Sarasota Real Estate Stats – Single Family Homes

April 2023 Sarasota Real Estate Stats – Condos

New Listings in Southwest Florida Golf Communities